Allen & Gledhill has acted as transaction counsel to Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, on its issue of S$200 million (US$144.4m) 4.75 percent subordinated perpetual securities, and its subsequent S$100 million (US$72.2m) tap of the 4.75 percent subordinated perpetual securities, under its S$1 billion (US$722m) multicurrency debt issuance programme. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised PSA Treasury on the issue of US$500 million 2.125 percent notes due 2029, under its US$3.5 billion global medium term note programme. PSA International is the guarantor for the notes. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised Trustroot Internet on the acquisition by Footpath Ventures SPV I and other investors of compulsorily convertible preference shares representing more than 10 percent share capital of Trustroot Internet. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was valued at Rs28.9 billion (US$405.8m) and was completed on September 3, 2019.
AZB & Partners is also advising ASG Hospital and its promoters Arun Singhvi and Shashank Gang on the Rs3.1 billion (US$43.5m) acquisition, via a primary investment and a secondary sale, by Foundation Holdings of more than 30 percent of ASG. Partner Kunal Kumbhat is leading the firm’s team in the transaction, which was signed on September 12, 2019 and is yet to be completed.
Clifford Chance has advised Australian private equity firm Pemba Capital Partners (Pemba) on the sale of secure ID and transaction cards company Placard to Swedish corporate ASSA ABLOY. Pemba invested in Placard in 2012 and helped it grow to become Australia’s largest manufacturer of secure cards. Under Pemba’s ownership, Placard expanded its operations in New Zealand and pivoted the business towards South-East Asia for the next phase of its growth strategy. Partner Mark Currell led the firm’s cross-practice deal team for the transaction.
J Sagar Associates has advised REC (formerly known as Rural Electrification Corporation) on the listing of its US$650 million bonds issued under its US$5 billion medium term note programme in India. Partners Dina Wadia and Uttara Kolhatkar led the firm’s team in the transaction.
J Sagar Associates has also advised State Bank of India on the listing of its US$10 billion medium term note programme in India. Partners Dina Wadia and Uttara Kolhatkar also led the firm’s team in the transaction.
King & Wood Mallesons advised ALBA Group Asia, part of the ALBA Group, on its joint venture with Baguio Waste Management & Recycling and Swire Coca-Cola to establish a new recycling facility for plastic waste in Hong Kong. The plant will be operated by the joint venture New Life Plastics. Upon completion, the new plant marks the first food-grade ready plastics recycling facility at this scale for processing post-consumer PET (polyethylene terephthalate or clear beverage bottles) and HDPE (high-density polyethylene or personal care bottles) plastic materials in Hong Kong. The recycling facility is being constructed at EcoPark, an industrial site for recycling and environmental technology, and is expected to commence operations in the second half of 2020. The new recycling facility comprises three process stages, including the high-tech sorting, the production of food-grade PET flakes and the manufacture of HDPE pellets. Upon completion, the recycling facility will be able to process and recycle more than 35,000 metric tonnes of plastic materials on an annual basis. The KWM Hong Kong team was led by partner Kanne Leung.
Pioneer Legal has advised TA Associates, one of the early modern-era private equity firms in the US, on its acquisition of 35 percent of Indira IVF Hospital, a company offering a wide variety of fertility treatments at 59 centres across 16 states in India. The stake was acquired by TA from Ajay Murdia, Kshitiz Murdia, Nitiz Murdia, Ashish Lodha and Manish Khatri, the promoters of Indira. Partner Pritha Jha led the firm’s team in the transaction, which was completed on April 11, 2019. Indira IVF Hospital was represented by Veritas Legal.
Pioneer Legal has also advised Dentsu Aegis Network India on its acquisition of 87 percent of the share capital of the Ugam Solutions, through purchase of equity shares from the sellers pursuant to the provisions of a share purchase agreement. The acquisition of the remaining 13 percent of the share capital of Ugam will take place on an earn-out basis. Partners Mayank Mehta, Satish Kishanchandani and Pritha Jha led the firm’s team in the transaction, which was completed on July 15, 2019. Norton Rose advised on the diligence of the overseas diligence. Ugam Solutions was represented by Veritas Legal.
ZBA has acted as Indian counsel to Oil and Natural Gas Corporation (ONGC) and its wholly-owned subsidiary ONGC Videsh on their establishment of a US$2 billion euro medium term note programme for multi-currency and multi-tenor overseas bonds to be listed in Singapore. The programme was established pursuant to Regulation S of the US Securities Act 1933. ONGC is the largest oil and gas exploration and production company in India, in terms of production and reserves of oil and gas for 2019. ONGC accounts for 70 percent of domestic production of crude oil and natural gas in India. Partner Niloufer Lam led the firm’s team in the transaction, which was completed on August 27, 2019. Citigroup and Standard Chartered, the arrangers and dealers, were advised by Linklaters Singapore on English law, while J Sagar Associates advised Citigroup on Indian law. Linklaters Hong Kong acted for the trustee.